There are perfectly legal ways to defer capital gains tax and reduce your overall tax burden.
Those of you who own highly appreciated assets such as homes, businesses, commercial and residential real estate, even high value collectables, are often reluctant to sell that asset because of the capital gains tax and depreciation recapture costs associated with the sale. There are perfectly legal … [Read more...]

The Practicality of Estate Planning
You work hard to provide for your family, pay for your child's college tuition, and ensure your family lives a good life. Wouldn't you want to make sure that still happens when you're no longer there? A well-thought-out estate plan can help accomplish that goal.
Estate planning seems like a huge undertaking, but it's quite manageable if you seek … [Read more...]

Are you age 50 or older? If so, you can currently make extra "catch-up" contributions to certain types of tax-favored retirement accounts. Over time, these contributions can make a significant difference in your retirement-age wealth.
Unfortunately, many people are unaware of this retirement savings bonus. Here's what you need to know to reap the benefits.
The Basics
Eligible … [Read more...]

As year end approaches, you may be thinking about making some charitable donations. Here's a rundown of the potential tax breaks for your generosity.
Donating Clothing and Household Items
When it comes to your old clothes, furniture, linens, electronics, appliances, and the like, the general rule is that you can claim deductions only for items in "good condition or better." However, … [Read more...]

Winter can be a busy time for travel. Snowbirds try to escape the cold. Grandparents long to visit loved ones in distant cities. Jetsetters want to ring in the New Year in a memorable locale.
Regardless of the season, travel brings photo opportunities that are prime for posting on Facebook, Twitter, Instagram and other social media platforms. But fraud-savvy people think twice before engaging in … [Read more...]

The most immediate concrete change the Tax Cuts and Jobs Act (TCJA) will bring about for employers is new payroll tax withholding rates.
Here's the latest word from the IRS: "We anticipate issuing the initial withholding guidance in January reflecting the new legislation, which would allow taxpayers to begin seeing the benefits of the change as early as February. The IRS will be working closely … [Read more...]

As 2017 winds down, it's time to consider making some moves to lower your federal income tax bill and position yourself for tax savings in future years. This year, the big unknown factor is whether major tax reform proposals will be enacted.
Even if all goes according to the GOP timeline, the changes generally won't take effect until next year at the earliest. So your 2017 return will follow the … [Read more...]

The IRS has announced that the annual gift tax exclusion is increasing next year due to inflation. After five years of being stuck at $14,000, the exclusion will be $15,000 per recipient for 2018 — its highest point ever.
Section 529 Plans: Make Five Years of Gifts in a Year
Normally, a gift made directly to a family member to pay for college education costs would be covered by the … [Read more...]

If you've reached age 70½, and you're philanthropically inclined, you can make cash donations to IRS-approved charities out of your IRA. These so-called "qualified charitable distributions" (QCDs) can save taxes, but you must take action by December 31, 2017, to benefit for 2017.
Tax Benefits of Making QCDs
Qualified charitable distributions (QCDs) can help you save taxes four … [Read more...]

Important Documents Related to Final Distribution of a Trust Estate
NOTICE OF PROPOSED ACTION
In the course of settling a Trust estate, the Trustee may need to make a significant decision that might affect the interests or desires of the beneficiaries. The most common decision would be to sell a piece of property or borrow money secured against trust assets. It may also involve a … [Read more...]

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Since 1998, AmeriEstate Legal Plan has helped more than 35,000 families protect what is important to them.

Our Mission is to support and strengthen the financial security and personal well-being of families through the use of targeted legal services designed for the protection of family resources and the efficient management and transition of our clients' estates to provide lasting benefit to those they love and care about.